We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
Wednesday, 03 August 16
SHIPPING MARKET INSIGHT - EVA TZIMA
 The Good…
Demand. Amidst all the unprecedented geopolitical turmoil and shifts in the likes of Brexit, the IMF lowered last month its global growth expectations but as far as growth in emerging market and developing economies is concerned, expectations were unaffected. 2016 is still expected to be the first year since 2010 that growth in these countries will pick up and this is great news for the dry bulk market, as these economies, accounting for more than 70% of global growth, are also the main drivers of dry bulk shipping.
The Bad…
Supply. A lot of hopes have been generated from scrapping activity in bigger sizes this year but the truth is that we still have a long way to go before tonnage supply gets down to a level that it can meaningfully support earnings. Let’s look at some figures in the >120,000dwt range. These vessels accounted for 295.07m dwt in January, while today, despite all the intense scrapping we are only down to 294.87m., which means that cancellations and slippage made little difference once some of the scheduled deliveries kicked in. Adding to that the 12.00m dwt that have been ordered since January (30 Valemaxes) against the 11.94m dwt that have been scrapped during the same period and the answer to the “Are we there yet?” question becomes not just a simple “Not yet.” but rather a big fat “Not even close”.
And the Ugly.
Overlapping. Ultramaxes, Kamsarmaxes, Post-Panamaxes.
Can we create a new size called Evamax please?
Was the dry bulk trade actually in need of these sizes or has the market been getting ahead of itself since the last shipping boom? Fact; as designs evolve, ships change in both their efficiency and size. But then again shouldn’t the latter be a long-term process during which the fleet of the older size gets to substantially decrease? And much more importantly a process during which actual demand and consequently charterers and traders dictate parcel size needs much more than shipbuilders? It is no wonder that the poor old Panamax has been squeezed from both below (Ultramaxes) and above (Kamsarmaxes) in the dwt range, while the modern Post-Panamax fleet has been also striving to survive, simultaneously chocking those already battered Capesize margins.
“Buy now”, “Buy later”, “The best trade is no trade”.
Different strategies, different risks, different hopes. Someone who buys today a “cheap” vessel could potentially make money from a recovery in asset prices down the line. But is just “cheap” the goal? Let’s assume that the long awaited recovery in the Dry Bulk market delays much further. That instead of a more clearly shaped “up we go” in the period leading to the eventual recovery we get a lot of mini cycles, during which the bottom is around OPEX and the ceiling not too way above. The current crisis in the dry bulk sector – as every crisis does - will undoubtedly generate a new cluster of prosperous shipowners. Whether in this specific crisis these will be the ones betting on a meaningful asset play in the next couple of years (achieved with bigger, more expensive sizes) or the ones investing in vessels that can find employment much easier during market downturns, is probably the question at hand. Investing in a size that can cover more commodities, more ports, has fewer operating expenses and let’s face it is not as easily “controlled” by bigger players, allows owners to not just bet on the asset’s appreciation – a rather risky bet if it takes much longer for the market to recover – but also operate their ships in a less challenging/volatile environment. After all, even though history does repeat itself during market cycles, the fundamentals during the times it does usually differ vastly.
By Eva Tzima
Research Analyst
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms. Eva Tzima
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Monday, 26 December 16
DO THE DERIVATIVES MARKETS MAKE COAL PRICES MORE VOLATILE? 59.21% SAY YES, POLL
COALspot.com: The substantial increase or decrease in coal prices within a short period of time has been supported by a number of fundamental drive ...
Friday, 23 December 16
U.S. YEAR-TO-DATE COAL PRODUCTION TOTALED 711.1 MMST; DOWN 18.5% Y/Y - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.7 million short ton ...
Thursday, 22 December 16
INDONESIA LACK OF EXPORT TO INDIA THIS WEEK - FERNLEYS
Supramax
While the Atlantic is keeping up with rates, the Pacific has been weaker says Astrup Fernley.
According to Astrup Fernley, backhaul ...
Wednesday, 21 December 16
THE SUPREME COURT DECISION IN OW BUNKERS - WHEN A SALE OF GOODS IS NOT A SALE OF GOODS - LEON ALEXANDER, CLYDE&CO
KNOWLEDGE TO ELEVATE
In May 2016 the Supreme Court of England & Wales gave judgment in an OW Bunkers test case entitled "Res Cogitans ...
Wednesday, 21 December 16
CLEANING THE OCEANS FROM PLASTIC - SOPHIE COTZIAS
2016 is coming to a close and it finds us in preparation for the 2017 enforcement of the Ballast Water Treatment Systems. We naturally are in thoug ...
|
|
|
Showing 2171 to 2175 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Georgia Ports Authority, United States
- Kobexindo Tractors - Indoneisa
- Eastern Energy - Thailand
- Miang Besar Coal Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Orica Australia Pty. Ltd.
- Indian Energy Exchange, India
- Borneo Indobara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Barasentosa Lestari - Indonesia
- Indika Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Parry Sugars Refinery, India
- Africa Commodities Group - South Africa
- Coal and Oil Company - UAE
- Straits Asia Resources Limited - Singapore
- South Luzon Thermal Energy Corporation
- Jaiprakash Power Ventures ltd
- Parliament of New Zealand
- Kapuas Tunggal Persada - Indonesia
- TeaM Sual Corporation - Philippines
- GMR Energy Limited - India
- Marubeni Corporation - India
- Renaissance Capital - South Africa
- Bukit Baiduri Energy - Indonesia
- Romanian Commodities Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMG Consultants - Indonesia
- Sarangani Energy Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Ambuja Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Pipit Mutiara Jaya. PT, Indonesia
- SN Aboitiz Power Inc, Philippines
- Lanco Infratech Ltd - India
- Tata Chemicals Ltd - India
- Interocean Group of Companies - India
- Cigading International Bulk Terminal - Indonesia
- Xindia Steels Limited - India
- Anglo American - United Kingdom
- Riau Bara Harum - Indonesia
- Petron Corporation, Philippines
- Sical Logistics Limited - India
- Chamber of Mines of South Africa
- Bangladesh Power Developement Board
- Power Finance Corporation Ltd., India
- Bhushan Steel Limited - India
- Planning Commission, India
- Iligan Light & Power Inc, Philippines
- Trasteel International SA, Italy
- Bharathi Cement Corporation - India
- Goldman Sachs - Singapore
- Madhucon Powers Ltd - India
- Bhatia International Limited - India
- Bukit Makmur.PT - Indonesia
- Attock Cement Pakistan Limited
- Asmin Koalindo Tuhup - Indonesia
- Larsen & Toubro Limited - India
- Independent Power Producers Association of India
- Oldendorff Carriers - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- London Commodity Brokers - England
- Global Coal Blending Company Limited - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Wilmar Investment Holdings
- Medco Energi Mining Internasional
- Australian Coal Association
- Metalloyd Limited - United Kingdom
- VISA Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Thai Mozambique Logistica
- Timah Investasi Mineral - Indoneisa
- Indian Oil Corporation Limited
- Electricity Authority, New Zealand
- Ceylon Electricity Board - Sri Lanka
- Vedanta Resources Plc - India
- Latin American Coal - Colombia
- CNBM International Corporation - China
- Ministry of Mines - Canada
- GN Power Mariveles Coal Plant, Philippines
- Toyota Tsusho Corporation, Japan
- Gujarat Sidhee Cement - India
- Krishnapatnam Port Company Ltd. - India
- Holcim Trading Pte Ltd - Singapore
- Electricity Generating Authority of Thailand
- Sojitz Corporation - Japan
- Cement Manufacturers Association - India
- Global Business Power Corporation, Philippines
- Eastern Coal Council - USA
- Sakthi Sugars Limited - India
- Global Green Power PLC Corporation, Philippines
- Economic Council, Georgia
- Bukit Asam (Persero) Tbk - Indonesia
- Carbofer General Trading SA - India
- Maharashtra Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- Chettinad Cement Corporation Ltd - India
- Meralco Power Generation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kaltim Prima Coal - Indonesia
- CIMB Investment Bank - Malaysia
- McConnell Dowell - Australia
- Aboitiz Power Corporation - Philippines
- MS Steel International - UAE
- Malabar Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- SMC Global Power, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Jindal Steel & Power Ltd - India
- Australian Commodity Traders Exchange
- Kideco Jaya Agung - Indonesia
- Pendopo Energi Batubara - Indonesia
- Deloitte Consulting - India
- ASAPP Information Group - India
- Ministry of Finance - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Aditya Birla Group - India
- TNB Fuel Sdn Bhd - Malaysia
- Sindya Power Generating Company Private Ltd
- Minerals Council of Australia
- Dalmia Cement Bharat India
- Leighton Contractors Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- IHS Mccloskey Coal Group - USA
- Directorate Of Revenue Intelligence - India
- Edison Trading Spa - Italy
- Mercuria Energy - Indonesia
- Mintek Dendrill Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Siam City Cement PLC, Thailand
- Orica Mining Services - Indonesia
- India Bulls Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Agrawal Coal Company - India
- Heidelberg Cement - Germany
- Rio Tinto Coal - Australia
- Price Waterhouse Coopers - Russia
- IEA Clean Coal Centre - UK
- Star Paper Mills Limited - India
- Videocon Industries ltd - India
- Energy Link Ltd, New Zealand
- Kepco SPC Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Alfred C Toepfer International GmbH - Germany
- Mercator Lines Limited - India
- The Treasury - Australian Government
- GAC Shipping (India) Pvt Ltd
- Meenaskhi Energy Private Limited - India
- Wood Mackenzie - Singapore
- New Zealand Coal & Carbon
- Altura Mining Limited, Indonesia
- Baramulti Group, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Commonwealth Bank - Australia
- Simpson Spence & Young - Indonesia
- Uttam Galva Steels Limited - India
- Coalindo Energy - Indonesia
- Thiess Contractors Indonesia
- Coastal Gujarat Power Limited - India
- Kumho Petrochemical, South Korea
- Posco Energy - South Korea
- The University of Queensland
- Vijayanagar Sugar Pvt Ltd - India
- Makarim & Taira - Indonesia
- Siam City Cement - Thailand
- Tamil Nadu electricity Board
- Maheswari Brothers Coal Limited - India
- Standard Chartered Bank - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indonesian Coal Mining Association
- The State Trading Corporation of India Ltd
- Ministry of Transport, Egypt
- Energy Development Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Globalindo Alam Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Port Waratah Coal Services - Australia
- Samtan Co., Ltd - South Korea
- PowerSource Philippines DevCo
- Sinarmas Energy and Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- Essar Steel Hazira Ltd - India
- GVK Power & Infra Limited - India
- Singapore Mercantile Exchange
- San Jose City I Power Corp, Philippines
- Central Electricity Authority - India
- Indo Tambangraya Megah - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Intertek Mineral Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Ind-Barath Power Infra Limited - India
- ICICI Bank Limited - India
- Central Java Power - Indonesia
- Salva Resources Pvt Ltd - India
- Antam Resourcindo - Indonesia
- White Energy Company Limited
- Grasim Industreis Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Kartika Selabumi Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Mjunction Services Limited - India
- Karaikal Port Pvt Ltd - India
- Merrill Lynch Commodities Europe
- PTC India Limited - India
- OPG Power Generation Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Therma Luzon, Inc, Philippines
|
| |
| |
|
